The Bush economy continues to roll along, with a good job numbers coming out this morning

This will be more bad news to the left, which continues to tell us how miserable things are, and how tax increeases are the only way to make all of us prosperous

September jobs report comes in strong, 110,000 added

WASHINGTON (Reuters)  Businesses added a solid 110,000 jobs in September and hiring in each of the two previous months was revised up significantly, the Labor Department said Friday, showing a more resilient labor market than previously thought.
The national unemployment rate edged up to 4.7% from 4.6% in August and was the highest since 4.8% in July 2006 because the size of the labor force increased. The payrolls data and the jobless rate are compiled from separate surveys.

Stock futures jumped on the report.

The September total for jobs created outside the farm sector was about what economists expected but it was overshadowed bythe big upward revisions in July and August hiring.

The department now says 89,000 jobs were created in August, rather than the 4,000 that it said were lost last month. It said 93,000 jobs were created in July instead of 68,000 it previously reported  a total of 118,000 more jobs in the July-August period than it had earlier estimated.

The reason cited for the reversal in the department's August hiring estimate  to a jobs gain instead of a loss  was that the government underestimated government employment, especially hiring of teachers to start a new school year.

The bulk of the gains in September hiring came in service industries, including an addition of 44,000 in education and health services and 37,000 in the government. In the goods-producing sector, another 18,000 manufacturing jobs were shed and 14,000 construction jobs were lost.

Bush has way too many failures for me to give a fuck about any little positives that come from this admin. On the rare occasions that he actually does something that I agree with I'm like "whatever, he's the fuckin president, it's his job".

Sorry to be the bearer of bad news to you libs - and the liberal media is trying to figure out how to paint this as bad news

Sorry Media: Job Gains in August, Not Losses
By Dan Gainor | October 5, 2007 - 11:01 ET
I wonder how the media will pretend this is bad news? The lastest employment numbers are in and not only are they solid, but last month wasn't the catastrophe first reported.

The Bureau of Labor Statistics announced 110,000 jobs were created in September and 89,000 were created in August. The August number replaces the 4,000 jobs lost that were first reported. If you flash back to last month, you'll remember how much the media screamed about this. ABC was declaring the August numbers a sign of "new fears this morning about the state of our economy," said Bill Weir on September 8. That's how he lead off a downbeat "Good Morning America" story entitled "Road to Recession? Bleak Signals from Job Report."

It only got worse. "And now many are asking whether the disappointing employment figures, coupled with the housing crisis, may head us, have us headed for a serious economic downturn or even recession," worried Weir.

But the October 5 "American Morning" explained sets it all straight. Business reporter Ali Velshi called it "A big sigh of relief." Not only were the new numbers better than the 100,000 expected, but the previous numbers were revised.

The other key point is, remember last month, John, we talked about a 4,000 job loss when we were expecting a hundred thousand jobs to be created. The Bureau of Labor Statistics has now amended that. That is a common thing for them to do. They are now saying that 89,000 jobs were actually created in August. Not 4,000 jobs lost."

Velshi summed it up well: "So if you look at today's news it means that not only are things more positive in September, they were actually not as bad as we thought they were in August."

The networks have a bad history of distorting economic coverage of employment. Prior to the August numbers, in 47 straight months of job growth, the U.S. economy had created 8.3 million jobs. But despite that economic achievement, the media have consistently presented employment news and the overall economy negatively in the past four years.

In a January 2006 study, The Business & Media Institute found ABC, CBS and NBC focused more on job losses in 2005, even though 2 million new jobs were added. The networks focused on job losses in slightly more than half the reports (76 out of 151). Just 35 percent of the stories addressed job gains (53 out of 151).

Bush has way too many failures for me to give a fuck about any little positives that come from this admin. On the rare occasions that he actually does something that I agree with I'm like "whatever, he's the fuckin president, it's his job".

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Yeah... but RSR is a minimum wage-type guy. So he relates to that kind of thing....

I always find his sig amusing given I've probably contributed about 100-fold in taxes over him. ;o)

The Republican president, George W Bush, faces a Congress controlled by the Democrats. This makes it difficult for Democrats and Republicans to advance their competing agendas. The Economist Intelligence Unit expects the Democrats to win the next presidential and congressional elections in November 2008. Federal finances have improved, but there is limited resolve to tackle looming holes in healthcare and public pensions programmes. We expect the Federal Reserve (central bank) to cut its Federal funds target by 50 basis points by the end of this year in response to market turmoil. Real GDP growth is thus forecast to slow from 2.9&#37; in 2006 to 1.9% in 2007 before rising slightly to 2.1% in 2008. The US dollar will depreciate further during 2007. The current-account deficit is forecast to narrow to around 5% of GDP in 2008.

Key changes from last update

Political outlook

On September 13th Mr Bush announced that troops in Iraq will be reduced by 30,000 to 130,000 by August 2008. As this will merely reverse the earlier "troop surge", it will fall far short of demands by Democrats and some Republicans and the issue will remain at the centre of political discussions.

Economic policy outlook

Financial markets have been hit by a credit crunch in short-term money markets, leading to the risk of a serious impact on the real economy. The Fed has already intervened heavily in money markets and cut its discount rate by 50 basis points, but it is also likely to cut its more important Fed funds target rate by a total of 50 basis points before the end of this year and possibly as early as September 18th.

Economic forecast

In response to financial market turmoil, continued weakness in the housing market and signs of weaker growth ahead (including the first drop in non-farm payrolls since 2003), we have cut our forecast for 2008 from 2.5% to 2.1%. The risk of a recession is now seen as 40%.

Yeah... unless you're one of the people whose job has been outsourced or who has had to take a job in the public sector for less money because you need the benefits package... or the person who now works at Starbucks in the "service" industry for a lot less money.

Also, the fact that there may have been job creation doesn't address the fact that the job creation numbers were far less than our previous averages and less than what was expected.

Housing starts: slowed to a halt in most areas...

Housing prices: dropped

Foreclosures: at an all-time record

Debt: at an all time high.

Wal-Mart and Home Depot... cutomers running out of money at the end of the month.

Yeah... unless you're one of the people whose job has been outsourced or who has had to take a job in the public sector for less money because you need the benefits package... or the person who now works at Starbucks in the "service" industry for a lot less money.

Also, the fact that there may have been job creation doesn't address the fact that the job creation numbers were far less than our previous averages and less than what was expected.

Housing starts: slowed to a halt in most areas...

Housing prices: dropped

Foreclosures: at an all-time record

Debt: at an all time high.

Wal-Mart and Home Depot... cutomers running out of money at the end of the month.

What actually is happening is the divide between haves and have-nots is becoming greater and will be untenable eventually.

But RSR is miserable, so he thinks everyone else should be, too.

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Maybe if the "have nots" got off their ass and went to work they would turn inot "haves". Maybe if the libs would work on providing a better business climate and quit taxing the hell out of corporations they wouldn't move offshore. Maybe if the libs would quit trying to make big business the bad guy and maybe if the libs quit trying to hand out freebies to the no working slobs laying around waiting for a hand out....but you get the drift.

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